Thermally sprayed Fe-based coatings have been extensively studied as future solution in order to replace more expensive, harmful and environmentally dangerous Ni- and WC-based coatings for several industrial applications where high corrosion and wear resistance are required. The aim of the present study is to investigate the effect of spraying parameters on the microstructure and the corrosion resistance of Fe-based coatings manufactured with the High Velocity Air Fuel (HVAF) thermal spray process. Six sets of thermal spraying parameters have been chosen and their effect on the overall quality of coatings was investigated. All HVAF coatings showed comparably dense microstructure with near-zero oxidation, proving the high quality of the deposition process. However, higher anti-corrosion and mechanical properties were achieved by increasing the spraying air pressure and decreasing the particle feeding rate without altering the thickness and the overall deposition rate. Powder feeding rate was reported to have a remarkable effect on microstructure and corrosion properties. Coatings with beneficial compressive residual stresses were successfully obtained by increasing air pressure during spraying which resulted in improved microstructural and corrosion properties.